DURBAN – Phumelela creditors have voted overwhelmingly in favour of the Phumelela Business Rescue Practitioner’s Plan which sees Mary Oppenheimer and Daughters’ offer to secure the future of horse-racing in South Africa.
The success of the MOD offer sees the acquisition of key racing assets and secures the thoroughbred horse racing industry in South Africa. The Restructuring Task Team which represents MOD, have identified key target areas for investment and development to ensure the South African horse racing product improves and transforms, becomes more relevant, accessible, and is distributed both nationally and internationally.
We see a bright future for racing in South Africa and MOD will need the support of the whole industry to deliver a strong, unified South African racing product.” stated Charles Savage of the RTT team.
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